Phillips 66 completes DCP Midstream acquisition
The $3.8 billion transaction includes a portfolio of gathering, processing, logistics and marketing assets.
Phillips 66 has completed the acquisition of DCP Midstream, a master limited partnership with a portfolio of fueling assets.
The company has purchased all the publicly held common units representing limited partner interests in DCP. The transaction was valued at approximately $3.8 billion, which has increased its interest in the firm to 86.8%.
DCP is a master limited partnership with a diversified portfolio of gathering, processing, logistics and marketing assets. These will integrate into Phillips’ current midstream business, focusing on crude oil pipelines and terminals as well as products pipelines and terminals and natural gas liquids.
Phillips 66 previously owned DCP through a joint venture alongside Enbridge, a pipeline and energy company. The acquisition has granted majority ownership of one of the largest midstream operators in the U.S.
